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Is corporate America snubbing Serena for slender blondes?

Serena Williams may go down as the greatest player in women’s tennis history but corporate America isn’t showing her the love.

Williams, who was on pace to win the U.S. Open and become the first player in 27 years to win the four major Grand Slam events in a calendar year before losing Friday to Roberta Vinci, trails even marginal players in endorsement deals.

SINGAPORE – OCTOBER 18: Players, Caroline Wozniacki of Denmark, Agnieszka Radwanska of Poland, Petra Kvitova of Czech Republic, Serena Williams of USA, Maria Sharapova of Russia, Ana Ivanovic of Serbia, Eugenie Bouchard of Canada and Simona Halep of Romania pose for a photo after the draw during previews for the WTA Finals at the Marina Bay Shopping Centre on October 18, 2014 in Singapore. (Photo by Julian Finney/Getty Images)

Williams, of Palm Beach Gardens, pulled in $13 million in corporate sponsorships in the past year, according to an estimate by Forbes magazine. Maria Sharapova, an elite player but no match for Serena on the court, brought in $23 million. And Caroline Wozniacki, a young star who has yet to win a major tournament, falls just behind Williams with $11 million in sponsorships.

NEW YORK, NY – AUGUST 26: Serena Williams attends the 2nd Annual Delta OPEN Mic With Serena Williams at Arena on August 26, 2015 in New York City. (Photo by Michael Loccisano/Getty Images for Delta)

“It does make you wonder if race is a factor,” said Sharon Austin, director of African American studies at the University of Florida.

But Joe Favorito, a longtime sports marketing consultant and professor at Columbia University, said Williams appears to be sacrificing some endorsements — and the distractions that accompany them — to focus on tennis.

“I think it’s absolutely by choice,” Favorito said. “If Serena wanted to go and get another 35 endorsements, she could absolutely do it in 35 seconds.”

Williams, for her part, has shown no bitterness about the endorsement success of her photogenic rivals.

”If they want to market someone who is white and blond, that’s their choice,” Williams told the New York Times. ”I have a lot of partners who are very happy to work with me … I can’t sit here and say I should be higher on the list because I have won more.”